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Binance LUNC Burn All Set To Return With This Terra Luna Classic Proposal?

Terra Luna Classic community passes Proposal 11367 "Upgrade v1.1.0" by core developer Edward Kim to bring back Binance LUNC burn mechanism.
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Binance LUNC Burn All Set To Return With This Terra Luna Classic Proposal?

The world’s largest crypto exchange Binance presented some terms directly to the Terra Luna Classic community in order to continue its LUNC burn mechanism from March 1. In response, the Terra Luna Classic community passed three key proposals, ensuring to bring back Binance’s contribution LUNC burn campaign to reduce circulating supply.

The Terra Luna Classic community currently votes on key Proposal 11367 “Upgrade v1.1.0” by core developer Edward Kim. The proposal contains governance-approved features to the Terra Classic blockchain, including a tax exemption list, burn tax split, no-reminting of the burn wallet, as well as mandatory security updates.

The software upgrade proposal is a follow-up proposal to three key proposals. It includes Proposal 11358 “Wallet Exemption to On-chain Tax”, Proposal 11359 “Separate Burn Wallet Exempt from Seigniorage” and Proposal 11360 “Burn Tax Split to Community Pool” passed this week.

According to the current voting details, Proposal 11367 has already passed the threshold level. The proposal received 99.96% votes in favor. It indicates all required changes by Binance will be fulfilled with an upcoming upgrade on February 28.

Terra Classic developer will halt the blockchain at block height 11,734,000, approximately at 10 PM UTC on Feb 28. All nodes and validators need to upgrade to the current upgrade version v1.1.0 for continuing their roles on the network.

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Terra Luna Classic (LUNC) Price Amid Binance Burn Return

Terra Luna Classic price fell amid the decline in LUNC burns in the last few weeks. However, the LUNC price has recently recorded slight upside momentum despite the massive correction in the broader crypto market.

LUNC price rises just 1% in the last 24 hours, with the price currently trading at $0.000162. The 24-hour low and high are $0.0001603 and $0.0001681, respectively. Furthermore, the trading volume has increased by 5% in the last 24 hours.

However, LUNC price comparatively shows better momentum than other cryptocurrencies as the upgrade comes near. The LUNC price is expected to rise after the Binance LUNC burn planned on March 1.

Also Read: Best Crypto Telegram Channels 2023

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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